Peter Brandt, founder, and CEO of proprietary trading business Factor LLC stated on Monday on CoinDesk’s “First Mover” program that Bitcoin is uninteresting and would probably remain utterly boring for the next year and a half. However, BTC price will eventually experience all-time highs after that, he predicted.
“We [will] Essentially cut the middle…let’s say $17,000 and $23,000,” Brandt said. “I hope we get down here sometime, maybe early next year,” but after that, “I’m not looking for bitcoin to be really exciting again for a few more years,” he said. . “I think we’ll be down here at some point.”
As per the analyst, it will take 32 months For BTC Price to reach new ATH, until then, the bottom price is expected to be $13,000.
Fed rate hike could affect bitcoin price
Aggressive interest rate hikes by the US Federal Reserve in an effort to quell rising inflation this year has put pressure on the price of bitcoin.
Brandt said he didn’t foresee a slowdown in interest rate hikes and predicted a 75-basis point increase on November 2 and another 75-basis point increase on December 14.
Obviously, he also argues that the Fed knows how deadly inflation is and needs to re-establish its credibility. This could happen if the Fed lowers inflation rates by at least 4%. In September, the annual inflation rate of the United States was 8.2%.
Final thoughts
Brandt anticipates bitcoin’s value to “be distinct from what any other market is going to do.Regardless of the notion that bitcoin’s fate is related to the market’s risk appetite, Brandt predicted that cryptocurrency will be the “ideal store of wealth” in 10 years.
